Nifty traded in a range of 4750-4650 in the first half of the session, but ended the day with a steep cut on the downside. Nifty has been trading way below its daily averages, but has given its first close below its 20 weeeklymoving (WMA). This signals a strong medium-term bearish outlook. On the higher side, 4750 remains a crucialresistance and 4350 a short-term support.
On the daily chart, Nifty is trading below its 20 daily moving average (DMA) and 40 DMA at 4966 and 4923 respectively, which are resistances in the near term. The momentum indicator (KST) has given a negative crossover and is trading below the zero line. The market breadth was negative with 168 advances and 1,122 declines on the NSE and 596 advances and 2,215 declines on the BSE.
On the hourly chart, Nifty is trading below its 20 hourly moving average (HMA) and 40HMA at 4747 and 4840 respectively, which are now resistances in the short term. The momentum indicator (KST) has given negative crossover and is trading below the zero line.
Nifty and the Sensex were down 148 and 491 points for the day. Of the 30 stocks of the Sensex, Maruti Suzuki India (up 1.13%) and Dr Reddy’s Laboratories (up 2.90%) were the top gainers while Hindalco Industries (down 10.50%) and ACC (down 6.20%) were the top losers.
Tuesday, November 3, 2009
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